MONTREAL, Dec. 10, 2021 /CNW Telbec/ - Velan Inc.
(TSX: VLN) ("Velan" or the "Company") today announced that
Benoit Alain has informed the
Company of his decision to resign as Chief Financial Officer, for
personal reasons.
Velan has commenced a search to identify the Company's next
CFO.
Mr. Alain will remain in his role until May 20, 2022 to leave only after the release of
the financial statements for the fiscal year ending on February 28, 2022.
"On behalf of Velan, I want to thank Benoit for giving
sufficient time for the Company to search for a new CFO and to
assure a smooth transition. I thank him for the expertise he shared
with us during his tenure at Velan," said Bruno Carbonaro, Velan's Chief Executive
Officer.
"I would like to thank Velan for the opportunity I was given to
discover this extraordinary company and its employees. Upon
reflection, I realized that my professional interests are not in
the strictly financial field, and this is the only reason for my
departure. Of course, I want the company not to suffer from my
departure and will therefore ensure the verification of the
financial statements of the current fiscal year as well as the
transition to my successor." said Mr. Alain.
About Velan
Founded in Montreal in 1950,
Velan Inc. (www.velan.com) is one of the world's leading
manufacturers of industrial valves, with sales of US$302.1 million in its last reported fiscal
year. The Company employs close to 1,700 people and has
manufacturing plants in 9 countries. Velan Inc. is a public company
with its shares listed on the Toronto Stock Exchange under the
symbol VLN.
Safe harbour statement
This news release may include
forward-looking statements, which generally contain words like
"should", "believe", "anticipate", "plan", "may", "will", "expect",
"intend", "continue" or "estimate" or the negatives of these terms
or variations of them or similar expressions, all of which are
subject to risks and uncertainties, which are disclosed in the
Company's filings with the appropriate securities commissions.
While these statements are based on management's assumptions
regarding historical trends, current conditions and expected future
developments, as well as other factors that it believes are
reasonable and appropriate in the circumstances, no forward-looking
statement can be guaranteed, and actual future results may differ
materially from those expressed herein. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements contained herein whether as a result of new information,
future events or otherwise, except as required by the applicable
securities laws. The forward-looking statements contained in this
news release are expressly qualified by this cautionary
statement.
SOURCE Velan Inc.
